Feeding the Kitty: Outmoded Social Security.

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  • Additional Information
    • Subject Terms:
      SOCIAL security; OLD age pensions; PAYROLL tax; WITHHOLDING tax; TAXATION; UNITED States. Congress; BURKE, James; NELSON, Gaylord, 1916-2005
    • Abstract:
      Argues that the current method of financing social security in the United States is the most regressive federal tax today and more of the same can no longer be tolerated. Observation that the tax rate is higher for those who earn less than $14,000 than for those above that level; Absence of any deductions or exemptions within the payroll tax as there are with the income tax; Payroll tax applicable only to income from wages, salaries and self-employment earnings; Author's view that Congress should give immediate consideration to the major reforms proposed by Representative James Burke and Senator Gaylord Nelson.